The owners of Turkey’s leading blue jeans brand Mavi Jeans have hired Goldman Sachs Group and Bank of America Corp. to work on an initial public offering, people familiar with the matter told Bloomberg on March 19.
Mavi Jeans, promoted as a favourite of top celebrities including pop singer Lady Gaga and model Adriana Lima, was founded in 1991 by the Akarlilar family. By 2016 it was the 166th biggest company in Turkey, according to Fortune 500 Research, up from 189th and 221st in 2014 and in 2013, respectively.
The company sells more than 7mn pairs of jeans each year through more than 390 Mavi stores and over 5,000 points of sale in more than 50 countries.
Turkven Private Equity and the Akarlilar family have mandated the banks for the listing, which could value the company at around $800mn, including debt, Bloomberg's sources said.
No final decision on going ahead has been made and the owners may decide to postpone or cancel a proposed listing, they added. The economic situation in Turkey after the upcoming April 16 referendum on switching away from a parliamentary system to an executive presidency may well feature in the decision-making.
The listing could be the largest Turkish IPO in years, according to the news service. Companies in Turkey have raised about $508mn from IPOs since 2015, Bloomberg data show.
The largest IPO was that of insurance provider Avivasa Emeklilik & Hayat AS in 2014, which valued the company at TRY1.68bn (€430mn), according to the data.
Turks are joining foreign investors in shifting their assets—and in many cases themselves—out of the country amid fears for their money and security should President Recep Tayyip Erdogan win more ... more
Turkey's strengthening fiscal and monetary policy mix and reforms should help secure a soft landing for its economy, Deputy Prime Minister Mehmet Simsek said on June 12. Ex-Wall Street banker ... more
A one to two-notch downgrade is implied for Turkey by the spread on its sovereign USD eurobond due 2028, Raiffeisen Bank International (RBI) said on June 12. In a note to investors, RBI analyst ... more